What is the expected profit rate of a Sharia-compliant savings account?
Answer
Sharia banking doesn't allow savers to earn interest in the traditional sense. Instead, Sharia accounts each have an expected profit rate (EPR), an indication of how much profit you can expect to earn.
If the bank makes less profit than expected, a savings account’s EPR can change. If this happens, we’ll notify you of the new profit rate. You will then have the option to continue with the new rate or cancel your savings account early. This will return your capital and the amount of profit you’ve earned to date at the existing rate.